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GBPUSD Classic Technical Report 07.31.2012

GBPUSD Classic Technical Report 07.31.2012

2012-07-31 11:50:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing range resistance at 1.5736, with a break higher exposing the 1.5817-47 area. Near-term support is at 1.5484 and is reinforced by a rising trend line set from the June 1 swing low. A break below that opens the door for a challenge of downside targets at 1.5392 and 1.5270.

GBPUSD_Classic_Technical_Report_07.31.2012_body_Picture_5.png, GBPUSD Classic Technical Report 07.31.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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